HI HB744

Creates a permanent Dwelling Unit Revolving Fund Equity Program allowing the Hawaii Housing Finance and Development Corporation to purchase equity in for-sale housing projects through second mortgage loans allocated to specific units.

Reduces eligible buyer contributions by the corporation's equity amount for each unit; limits eligible buyers to bona fide Hawaii residents who do not hold majority interest in residential property and caps gift funds at 35 percent of purchase price.

Requires buyers who sell units within 30 years to repay the corporation's equity plus its percentage share of appreciated value; applies same repayment obligation upon refinancing, additional financing, title transfer, non-owner occupancy, or rental within the 30-year period.

Allows developers to repay interim financing through equity contributions in project units with corporation approval; gives preference to projects developed under government assistance programs.

Establishes the corporation's authority to set buyer qualifications, including requirements for workers in shortage professions, and directs the corporation to adopt administrative rules under chapter 91.